Skip to content

FCRA Permissible Purpose Account Reviews

Question: 
If we obtain consumer reports on our existing customers for purposes of reviewing their status, can we then send some of those customers a solicitation for an increase in their credit line?
Answer: 

Reviewing accounts to determine if consumers continue to meet the terms of the account is different from using the credit report in connection with an increase in the line of credit, which would be a credit transaction and would depend on any authorization you have from the consumer for obtaining consumer reports.

-----------------------------

Learn more about Nancy Derr-Castiglione’s webinar Understanding Fair Credit Reporting Act’s Permissible Purpose

First published on 11/15/2020

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics